Mortgage Glossary

date upon which all paperwork associated with a mortgage/property sales exchange is finalized.

actual date upon which the buyer will move into a home or property; it is usually the closing date, but may be another agreed upon date as well.

amount of money a borrower owes to creditors. A metric used to calculate creditworthiness.

an official and public document that establishes property ownership.

when a borrower has paid in full on a mortgage, the lender then awards the borrower a deed of reconveyance. This document becomes also a part of public record. Also known as reconveyance deed and recon.

a document that in some states is used in place of a mortgage. A deed of trust may be held by a third party, similar to a mortgage.

inability of borrower to make regular and consecutive payments on a loan.

the measure of loss in value of a home or property. Depreciation could be driven by poor economic factors or property damage.

a measure of interest; 1 point = 1% of the home loan value. Homebuyers may pay points up front, a type of buy-down, in order to lower their overall interest rate and mortgage payment.